Milner Boardman Know Your Numbers

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Milner Boardman Know Your Numbers
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Milner Boardman Know Your Numbers

• What entity should I use?
• Sole Trader ship
• Partnership
• Limited Company
• Limited Liability Partnership
• Should I Incorporate Spread sheet

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Milner Boardman Know Your Numbers

• How to structure tax efficiently
• Salary Vs Dividends
• Spouse as employee/shareholder
• Non working spouse
• Lower earning spouse
• Alphabet shares
• Different dividend rates

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Milner Boardman Know Your Numbers

• Setting up to avoid future pitfalls
• Partnership Agreement
• Shareholder Agreement
• Cross option Agreements
• Cross option death cover
• Key man insurance
• HMRC Compliance
• Insure?
• Get it right from the start

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Milner Boardman Know Your Numbers

• Accounting Systems
• Xero
• Sage 50
• Quickbooks
• Hosted Vs Non Hosted
• Pros Cons
• What else do I need?
• Demo Xero www.xero.com

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Milner Boardman Know Your Numbers

• VAT Registration
• Voluntary VAT Registration
• Who are customers?
• Can they re-claim VAT?
• Advantages of Voluntary registration
• Disadvantages of Voluntary registration
• Compulsory Registration
• Threshold for Registration
• Threshold for De-registration
• VAT Flat Rate Scheme

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Milner Boardman Know Your Numbers

• VAT Registration
• Cash Accounting or Accruals Accounting
• Threshold
• Advantages
• Automatic Bad Debt relief

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Milner Boardman Know Your Numbers

• VAT Registration
• Complexities
• International Supplies
• Place of supply (French Lorry)
• Reverse charge
• Special Schemes
• Partial Exemption
• Property
• Carousel Fraud

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Milner Boardman Know Your Numbers

• PAYE
• Any employees?
• Directors
• Efficient remuneration level (next slide)
• RTI
• Auto-enrolment
• Up to date software?
• Use bureau?

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Milner Boardman Know Your Numbers

• PAYE - Directors Salary

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Milner Boardman Know Your Numbers

• What Expenses Can I Claim
• Cost of running business
• Mileage Vs Car Provision
• Subsistence
• Clothing Problem Area
• New Business Kit

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Milner Boardman Know Your Numbers

• Established Sole-Trader/Partnership/Business
• Should I Incorporate
• Sale of Goodwill?
• Where does goodwill lie?
• Downsides
• Compliance cost
• Public information
• Upside
• Limited Liability
• Tax savings

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Milner Boardman Know Your Numbers

• Sale of Goodwill to Limited Co

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Milner Boardman Know Your Numbers

• Limited Company Problem Areas
• IR35
• Prohibited Professions

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Milner Boardman Know Your Numbers

• Aggressive Tax Planning
• Examples
• HMRC attitude
• Current climate

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Milner Boardman Know Your Numbers

• Tax Problems/Pitfalls
• HMRC Focus
• Specific Trades
• Specific Sectors
• Status Issues
• Construction Industry
• Pitfalls
• Cash trading (under declarations)
• ML Regime (SOCA)
• Claiming excessive costs
• Cars/Pool Cars
• ER

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Milner Boardman Know Your Numbers

• Employee Share Ownership/Reward
• EMI
• Employee Share Scheme
• Others
• Rewards
• Salary Sacrifice Schemes
• Nursery/Child care vouchers
• Cycle to work

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Milner Boardman Know Your Numbers

• Legal Requirements for Businesses
• Limited Co/LLPs
• Full Accounts for share holders/members
• Abbreviated Accounts for Co House
• Ibrxl Accounts for HMRC
• CT Return to HMRC Cos
• Partnership return to HMRC-LLPs
• Governance
• Companies Act
• Other Legislation (employment etc)

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Milner Boardman Know Your Numbers

• Legal Requirements for Businesses
• Sole traders/Partners
• Full Accounts for owners
• Lower disclosure
• Accounts transferred to tax return
• Tax return for owners
• Governance
• Other Legislation (employment etc.)
• No Co. Act
• Beware time limits

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Milner Boardman Know Your Numbers

• Understanding a Balance Sheet/P L
• Limited company accounts
• Partnership accounts

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Milner Boardman Know Your Numbers

• Strategic Planning
• Personal goals
• Corporate goals
• Developing a strategic plan
• Working to a strategic plan
• Where are we now?
• Where do we want to be?
• When do we want to get there?
• Do all stakeholders have the same view?
• Benchmarking
• Planning tools

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Milner Boardman Know Your Numbers

• Tony Collier
• 0161 927 2727
• tonyc_at_milnerb.co.uk
• www.milnerboardman.co.uk